Risk – Management / Analysis

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RISK MANAGEMENT can be explained as a management function the object of which is the protection of people, assets and earnings by avoiding or minimising the potential for loss from pure risk, and the provision of funds to recover from losses that do occur. Risk Management involves the systematic identification, evaluation and control of all identified potential losses.

The aim of Risk Management is to develop a structured way of identifying and assessing the probabilities and consequences of risk, and selecting appropriate risk strategies to reduce the probability of, or losses associated. Moreover, analyse risk can provide decision support by systematization of knowledge to describe/express risk and how to mitigate the risk. Continue reading

Risk – Definition

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Risk can be defined as a chance of danger, damage, loss, injury, or any other undesired consequences. Most authors agree that RISK involves 2 elements, possible consequences (impact) and associated uncertainty (probability of occurrence). The probability of p is defined as the fraction of times the accidental event A occurs if the activity considered were repeated an infinite number of times. Thus, probability can be used as a measure of uncertainty which is defined as the perceived inability to predict something accurately. In addition, when assessing and managing RISK, we need to encounter both the consequences of losses and the probability of risky events. Continue reading

Due Diligence in Food Supply Chain

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Due Diligence is a way to fulfill a certain requirement. It gives more power and ‘teeth’ to comply with legislation, for example in food industry. By defining Due Diligence, the government can increase the legal responsibility to food premises on how they handling food. However, due diligence is a term that has various interpretations. Each organization perceives it differently and what they can do is to provide evidence of due diligence. Continue reading

Trust and Accountability

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Provenance is concerned with causal dependencies between data and the process around it that contributes to its existence in a specific state. It can be used to make determination whether information can be trusted, integrate with another data source, support accountability, and give a credit for the originator. In essence, the notable uses of Provenance are as follows:

  • Reliability and quality -> given a derived dataset we are able to cite its lineage and therefore measure its credibility;
  • Justiļ¬cation and audit -> give a historical account of when and how data has been produced;
  • Re-usability, reproducibility and repeatability -> a provenance record not only shows how data has been produced, it provides all the necessary information to reproduce the results;
  • Ownership, security, credit and copyright -> who the information belongs to.

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